BBS 4th yr: Research
Components of Inferential Statistics (Detailed Explanation) Inferential statistics is a branch of statistics that helps researchers make conclusions, predictions, and decisions about a population based on sample data. It is widely used in research, business, economics, management, and social sciences. The main components of inferential statistics mentioned in your syllabus are: Measures of Correlation Statistical Significance Basic Forecasting Tools Regression Analysis One-Way ANOVA Chi-Square Test Statistical Testing of Hypothesis 1. Measures of Correlation Correlation measures the degree and direction of relationship between two variables. For example: Relationship between advertisement and sales Relationship between income and consumption Types of Correlation (a) Positive Correlation When both variables move in the same direction. Example: Increase in study hours increases marks. (b) Negative Correlation When one variable increases and another decre...